Capital One® Secured Mastercard® Review

The Capital One Secured Card is one of the very best credit cards for building or rebuilding your credit standing. It’s one of just a handful of credit cards for people with bad credit that does not charge an annual fee. And it’s one of the only secured cards whose spending limit can be higher than the amount of your refundable security deposit.

Below, you can learn everything else you need to know about this excellent bridge to better credit.

Could be partially secured. Depending on your creditworthiness, you will have to make a deposit of $49, $99 or $200 for a $200 spending limit. That means it’s possible for the spending limit you’re assigned to exceed the amount of the refundable security deposit you’re required to place. Bear in mind that you can’t necessarily count on being approved for any unsecured spending power, which might be important if you need an emergency loan. But it would be a pleasant surprise if building credit is your top priority.

Will help you improve your credit. Like all credit cards, the Capital One Secured Card reports account activity to the major credit bureaus on a monthly basis. As long as you pay your bill on time and avoid maxing out your spending limit, this information will be positive and will lead to credit score gains. WalletHub’s free daily credit score updates will help you track your progress.

No annual fee helps keep costs low. Whether you need a credit card to (re)build your credit standing or to pay bills that you can’t afford in cash, not having to pay an annual fee will make your job much easier. The same can be said of the Capital One Secured Mastercard’s lack of monthly and one-time fees, which are far too common with credit cards for bad credit.

Not available to folks with seriously damaged credit. You are not eligible for the Capital One Secured Credit Card if you have a non-discharged bankruptcy, a past-due Capital One credit card or an over-limit Capital One card. Furthermore, you can’t have a Capital One credit card that has charged-off in the past year, and your monthly income must exceed your monthly housing payment by at least $425.

The card will be sent to you immediately after you pay the deposit. It usually takes 2-3 weeks following the account approval to receive your Capital One credit card in the mail. If you need your card faster, you can pay $16 for expedited shipping and get it in 2-3 business days. Hope this helps.

You can just deposit more money for a higher limit before opening your account. But after opening, you can only get a higher limit by paying your first 5 monthly bills on time. If you do, you won’t even have to add to your deposit.

Yes, all credit cards perform credit checks -- the short term hit to your credit score will be small. We have a very informative article on this topic at: https://wallethub.com/edu/credit-inquiries/17122/ .
If you have below average credit you should focus on improving your credit over the long-term and not get overly worried about the short-term. To keep yourself up to date with credit improvement tips and get your free credit report, you can sign up for WalletHub. You'll also benefit from free credit scores updated on a daily basis and free 24/7 credit monitoring. You can try it here: https://wallethub.com/join/ . Hope this helps.

A secured credit card is exactly like any other credit card, save for one thing: You have to place a refundable security deposit, the amount of which serves as your spending limit. When it comes to why a secured credit card is a great choice, there are five main reasons:

High Approval Odds – You can get approved for a secured credit card no matter how damaged your credit may be.

Low Costs – Secured cards tend to have very low fixed costs, thanks to their refundable security deposit. Just make sure to pay in full every month because they aren’t known for attractive APRs.

Credit Improvement – Secured cards are indistinguishable from unsecured cards. If you pay your bills on time each month and otherwise manage your account responsibly, your credit score will improve.

Budgeting – By making your spending limit equal to the amount of your security deposit, secured cards prevent you from borrowing more than you can afford to repay.

Convenience – A secured credit card will enable you to make purchases that cannot be completed with cash, such as car rentals, hotel bookings and online shopping. You’ll also benefit from the security of $0 fraud liability.

You're probably less likely to get approved for this card, as it is a partially-secured card - which means your credit line has the potential to be higher than the amount of your deposit. You may want to apply for the Harley-Davidson Secured Card instead. It doesn't charge an annual fee and may have lower approval requirements. You can find it at: https://wallethub.com/d/harley-davidson-secured-credit-card-444c/ .

In this situation it is best to call the Capital One customer service for secured cards at 1-800-219-7931 and check your application status. Please consider that it usually takes 2-3 weeks following account approval to receive a Capital One credit card in the mail. If you need your card faster, you can pay $16 for expedited shipping and get it in 2-3 business days. Hope this helps.

You'll be required to submit a security deposit in order to open this card, but there is no mandated ongoing spending requirement. In other words, you can choose to lock your card away in a drawer, never use it to make purchases, and still build credit. Regularly making purchases and on-time monthly payments will expedite the process, but actually using your card isn't worth the risk if you don't trust yourself to spend within your means.

3.7 out of 5

Great card for those with bad credit or no credit. I had a $510 security deposit, which they increased by $300 in December. So, now I have an $810 limit after paying on time for 6 months! I usually pay in full on my cards. But I left a balance on my secured card ($25 - $50), and paid in full any additional charges I made on the card during that month. But I don't think it matters, as long as you pay on time for 6 months, they will increase your limit.…read more

I had no credit history, got approved for a basic $200 limit with $99 cash deposit. Capital One also enrolls you in Credit Steps, where you get an automatic increase in credit after 5 on time monthly payments. Mobile app is so easy to use, I can't imagine how I could mess it up. I'm 22 and working to build excellent credit, this is definitely a great first step if you're like me.

I got this card somehow with 10 collection accounts and a credit score of 500, 200 security deposit for 200 credit limit, Not sure how but am very glad I did, It has not reported yet as am excited to see what it will do for my score as I have raised my score to 549 and the simulator tools say I will get an 88 point bounce putting me at around 630, I have used the card a lot since I got it and have paid it all except 1 dollar, Am happy to have the oppertunity because am really getting serious about fixing my credit…read more

Not worth getting, choose a different company like discover. From high apr to low approval rate, even with the 25$ min isnt approved not to mention the hard inquiry that ruins your credit. Also lied about the annual fee.

What card are you referring to? Because the secured card doesn't have an annual fee, so you're accusing the wrong card. The only card they have with an annual fee is the Quicksilver, and they don't like about the annual fee. It's clearly stated in the fine print, and stated upfront before you apply for it. You either didn't read (like every consumer), posted a review about the wrong card, or posting false information to mislead people. But one thing is certain is that you do NOT have a capital one secured card because you would NOT have an annual fee.…read more

I agree, my comment below dated 09/12/17 shows my experience. They held $200 of my cash to have a $200 line of credit, when my mortgage company offered me (w/out hassle) a $5,000 'Gold' card and at half of the APR.

While Capital One opens the doors for some who needs to build or rebuild credit, moving on to a better & unsecured card at better terms after a year of payments is a good idea.

To add insult to injury, Captial One didn't pay a red cent of interest on the $200 deposit, and took me two extra months after payoff and closing before my refund arrived. When I told Capital One about my other lender's generosity, they didn't as much as make any offer to raise my line to keep me as a customer, although 'urged' me to keep the card for an emergency.

I don't want & hopefully will never need Capital One's services again.…read more

Good so far , haven’t had any problems & they starting reporting a to credit bureaus a month later . Just waiting for my CL increase . Which is supposed to be next month with atleast $100 extra or more with no additional security deposit . As of right now I would definitely recommend . Helped my credit score almost right away

Beggars can't be choosers, but they can try with this secured card. Its the best bad credit, credit card you can put in your wallet. They even give people another chance, if you have had a card with them in the rears, so long as you show signs of getting things in order. The iPhone app is clean and updated to latest technology, payments post to available credit fast and its a big bank that doesn't scream, I have horrible credit when you use it. From personal life experience, Use it well and understand how to use it and they will keep you happy too.…read more

This card is the BEST to start off with. Post-bankruptcy discharge five year waiting period before credit re-build, got this one and a Discover (one month after this Capital One card; security deposit for Discover was $200, respectively, but necessary to build relationships with each of these companies). FICO score of 500. I put $200 security down on Capital One Secured credit card, acquiring a $351 credit line. Planned to keep it at the "sweet spot" of 10% (not 0 and not 30%), but wound up having to max out each month. The trick here for reporting is to pay most of it off (down to the 10%) either the same day, or the day after the charge, and even then, only well within the first week of the new cycle only, so as to always allow a buffer of at least 7-10 business days book-ending cycles (time for processing and or possible snafus). This shows high activity, immediate/ or very quick, near-full pay off, then, with AutoPay set up, it cleans up that remaining 10% on the account each month, and thus, reports that I am at 10% usage, at the time of reporting. Wait till the reporting period closes each monthly cycle, then (if absolutely necessary, do it again). After three and a half months (and monthly online credit line increase requests - which are not hard inquiries, so do not affect your credit report), I got a credit limit increase of DOUBLE, at $651. This was early according to all I read. I find it tremendously important and absolutely worth the some $30 odd bucks per month, to use my Experian account. I also have Credit Karma, but BE WARE, Credit Karma is free for a reason - it is a rough estimate and often inaccurate on various levels. Use both, but definitely Experian, and check it regularly. Also, get your AnnualFreeCreditReport; this is from the government, free, and a solid, accurate cross-reference resource tool. This IS NOT THE SAME THING AS FREECREDITREPORT.COM - which is shyte...don't pay for it (clue: .com verses .gov.). Two months later, I applied for several cc again (risking hard hits to my steadily climbing FICO score, which vacillated, yet rose up to 638), and got approved for two more cc's: my first unsecured card, a Capital One Premier (this might be on the "step system" also, along with the Secured card - I double, and triple-checked this with Capital One representatives regarding the initial Secured one). This new Unsecured card is with a credit line limit of $300. I immediately requested an increase on that one, and it is pending, though I am not sure if it will go through. If not, they say, request again in six months, as it is very likely to go through at that time, whether I get the increase now as well, or not. Another unsecured cc was approved too for a different company, credit line limit of $500, but I do not think that it is worth it in the mid-run: not a good card overall, for a quick (1-2 year) secured card duration of quick credit rebuild. Will decline and choose not to activate it. Would have to take a hit to credit score if I kept this one for only a year, and then closed it out, so not worth it. At this point, I am golden: wanted an unsecured, good credit card as soon as possible. Now I no longer will apply for cc's and thereby no longer take hits to my credit score by getting the hard inquiries. Will now, just maintain for the next 1-2 years, and wait for good unsecured offers (might apply for good/ great cards 3-6 months after FICO score has maintained at 700 or so, if not getting solid offers by then). Will also continue to add to my security deposit to the max ($2,500) for Discover, and get another Capital One Secured with an account opening security deposit of the max ($3,000), if at all possible. Will only do this for whichever company rolls the cash over into an unsecured account...can't recall at the moment which one does that, but pretty sure it is Capital One due to their "step system" for initial small secured and unsecured cards that I have verified as such with them for their current contracts. Won't do it for both though, as it is a waste of big cash for a card that, really, only needs to be used for a relatively short time (1-2 years maximum, pending solid offers from unsecured cards). Additionally, might go ahead and become an "Authorized Card User"; on a friend's cc (with no access or use of their card, of course), as they have terrific credit, and this will boost my credit in a safe way for their own credit (first, need to pay off current cc's, and keep all actively used at the "sweet spot" of 10%). Plan is going well, and it has only been a few months (Feb -July = 5 months). At this rate, if all keeps according to plans, and as I carefully pay down recent accounts and (even more carefully) pay old accounts (only directly to each company with correspondences, and proof of payment records, along with hawk eye on Experian reports to all three credit bureaus in case I have to dispute - and that is a whole other risk...)....will be in the Fair (650-699) to Good (700-749) credit range of FICO scores within a year and a half to two years. At that point, will be getting offers for good unsecured real credit cards. Capital One (and Discover) have the BEST CUSTOMER SERVICE too, which is of absolute high value to me. Oh, one other thing! This whole time, I have been getting offers in mail for slowly increasing amounts of credit. These are all forms: autos, cc, loans. They are awful cc offers, but I keep them in my records (along with all cc receipts for records on each account), so as to, a- keep motivated, and b- watch the pattern of offers that should be rolling into me in response to thorough reporting. I never use these bad offers, but they are good incentive, and check systems for my progress and reporting agencies double-checking. My goals soon after this are big (doctoral program, car, big move), so I need fantastic credit as soon as possible. Since credit is a lot about newly habituated patterns practiced and reported over time, I need to optimize every moment of that time that I can. I love to research with solid, non-affiliated parties too (Consumer Reports, NerdWallet, WalletHub, etc.), and learn all about this, and the next steps...personal wealth building with investments, and portfolios (gotta self-teach, as no one in my family knows money sense). It is fun! Good luck, fellow builders! :)…read more

ONLY if you must really have a credit card. Otherwise, stay away from this card. Took 4 months to report....and then only reported 1 month worth of payment history. Kinda sucks if you ask me. Better off trying DISCOVER and JETBLUE MASTERCARD... Much better credit limits and much better fair reporting.

Next. Abysmal customer service; good customer service is necessary when dealing in personal financial matters. At least I think so; if I have a problem with an institution in regards to my money, I like being able to talk with someone directly about it. Capital One is one of those companies which make it difficult, to nearly impossible, to be able to get through the voice system or web interface to communicate with an actual living person.

Using the card isn't so much of a problem since MasterCard is accepted nearly everywhere.

Also? What has been noted about your deposit merits attention:

You give Capital One a deposit, and the deposit is held forever. Essentially you are paying for a credit card.

Update: After I posted this review my card was canceled. Capital One, evidently, does not enjoy lively public discussion about their customer's experiences.

Renewed Update: After I sent Capital One a copy of this review to their facebook page, asking for an explanation, my card was reinstated. Not my preferred way of doing business, which is the point of my review.

Another Update: Every time I try to use the card Capital One Card they decline the purchase ...with the continued level of customer service already described.…read more

The capital one secured card doesn't have an annual fee! You most likely have an unsecured card because no secured credit card has an annual fee. You put down a security deposit of $200 or more, but you don't keep paying annually to keep it open. The fees are how much the require you add before they send the card. They clearly explain how it works before you apply. Either you don't read or just looking for something to be piss off about. You even accused Cap 1 of closing your account after you made this review, which is straight bull crap! Lol! They can't even look you up by username. They're not the F.B.I or some top secret gov with access to your personal info to just shut you down over a review you made. Trust me, Cap 1 isn't checking for you that hard. You paranoid and salty because you messed up your relationship with them. In other words, if they closed your account, then they did it because you did something wrong. If you didn't, then simply CALL and TALK to them about it. They probably made a mistake. It's that simple.…read more

I am in love ;) Capital One is the best credit card I have ever dealt with. Started out with $200 deposit...in 6 months steady use without missing a payment I was given $500 in credit; after my first yr without missing a payment I got my $200 back in the form of a credit. The interest is the lowest I could find; out of all the other cards out there. (10% more at least) I have never had to use customer service since the day I called to get the card :D My credit has risen 50 points in this past year. Thanks Capital One…read more

Finally got a decent paying job about a year ago. Currently making 35,605 a year. Filed a chapter 7 bankruptcy back in 2007, and have 6 negative collection accounts on my account. Current credit score 597. Ive messed up a lot but actually started at credit karma and they recommended this card to me saying I had a excellent chance of getting it. This site says i have a good chance. Just a heads up to some that are trying to rebuild their credit and think like i thought well if its a secure card and your giving them the money up front than what risk is it to them to approve you. Well after applying for it within 60 seconds it told me i wasnt approved and were going to be sending me a letter on the reason why. Now I have a hard inquiry on my account. Just giving a heads up for people that think its a guarantee because its not at all.…read more

This card was recommended to me by my father, after I came to him asking about which credit card would be best for me in my married life. He recommended this card, as the down payments were relatively low, and could be made lower based on how well i am doing in my job. I've had this card for a little over a year, and all I can say is that I can't complain. My interest rates are a lot better than my past credit card.…read more

It wasn't hard to find a pre-paid card online. There are so many advertised.capital one prepaid card was my first choice after performing a simple google search, reviewing information on several sites,comparing the annual and monthly fees, withdrawal fees, swiping fees, for several cards. I decided capital one was, by far, the less pricey option and went with that one. Other cards charged too much,such as MasterCard pre-paid cards for example.. Their fees are ridiculous. So, I applied for my capital one card on their website and received the actual card about a week later. It was easy to activate online. No issues there. The fees are exceptional and if you activate direct deposit, there are none. I get to use the card and essentially pay nothing to do .…read more

This is the worst credit card company ever. They froze my account without prior knowledge. I found out when I tried to pay for my groceries and the card was declined. These sneaky bastards froze my account AFTER taking out money from my bank account to pay off the complete balance. I called to figure out what happened and I was told it was because they were switching to chip cards. I've had the account for years so of course my address wasn't updated so they sent my new card overnight we to the wrong address. So i called, updated my address and they STILL sent it to the wrong address. I called AGAIN just to be told they will send it out a 3rd time but they couldn't do overnight delivery. Fed up, I tried to cancel my account and was told that I wouldn't get my money back for 60-90 days. STAY AWAY, this company is super shady and the customer service is the worst I've ever encountered. (My last conversation was with a manager from TAMPA FLORIDA named AUSTIN and he was the worst supervisor I've ever spoken to)…read more

They must have mailed you a chip card, if not you have a right to snap. I would. My bank did the same with me. I ignored the chip card because I don't like them. One day I used my cad and was embarrassed.

Great card so far made my deposit on 2/22/2016 received my card 3/07/2016 c1 report the 1st month hoping with on time payments and good utilization credit goes up mad mistakes in the past but looking for to a better future with good credit and does c1 truly give limit increases on this card?

I got the Capital One Secured MasterCard because I have bad credit and wanted to have a card to use in the event of an emergency. I was not sure what my credit limit was going to be from the start, and I could not find information about how much your limit will be with each deposit you put down when opening the account. Aside from that, the card opening process was easy. One issue I have is that they count many transactions as a cash advance. I had over $150 available on my credit line, and I tried to send money to a family member via Western Union, and it would not let me send it because Capital One counted that as a "cash advance". Your cash advance limit is much lower than your credit limit, so you can see why this may be an issue for some people. Other than that, I like the card and it works for me on most transactions. Customer service has been helpful and easy to understand anytime I have had an issue. I would recommend it to others.…read more

The Capital One Platinum secured credit card is excellent for rebuilding or establishing creditworthiness. I applied for and was approved for this card in April of 2013. My credit scores were in the very low 600's and after 18 months of responsible use ( No missed or late payments and keeping my credit utilization between 10% to 20%) I was approved for a unsecured Capital One Quicksilver card in July of 2015 with a credit limit of $10,000. A secured credit card is like training wheels for adults.…read more

I got this card because I was new to credit and needed to build up my credit history. This was a very good card to start up with, they instantly approved my application and required a minimum $250 deposit. After getting my card I instantly started using it with the $500 credit line they granted me. Everything was absolutely fine with the card, I made payments every month no questions asked. My main grip with this card is that it does have a high starting APR. If you're not too responsible with the card, it could lead to some disaster so becareful. Otherwise this card is a great starting point for those looking to build their credit up.…read more

I got this card when I wanted to start building my credit. After getting declined from a few well known cards that required some credit history, I learned about this secured card and applied. I was happy when I got approved and was finally able to work on building my credit. One thing I would improve is to have more options in increasing the credit limits sooner and I think the APR night be on the higher side. I would recommend this card for people with bad credit or no credit and are having trouble getting approved for a credit card. Capital One is a great company and I have used and trusted their service for many years.…read more

I got this card because I had no credit and needed some help building it up. The APR is pretty high IMO. If I had bad credit, I would definitely expect a high APR, but if you're someone who has not done anything bad with any credit company, I would hope that you'd get just a little slack. Either way, you must deal with the consequences. I'm happy to say though, that I've seen my credit score go up slowly over time though, and that was my goal. I would lower the APR a little for people who don't have bad credit, though. I have never been late, and I've asked if my rate could be lowered a little and they don't budge. I can't compain too much about that, but at some point when my credit is good enough, I will go elsewhere. That said, I would recommend the card to anyone who needs help getting their credit rating up to something acceptable. I've never had any issues when I call the customer service number.…read more

The great thing about this card is it can fix your credit. It doesn't take very long and and as long as you behave yourself it works very well. The downside is you need to give a security deposit in order to get it. The amount determines your credit limit. This you get back if you ever cancel the card and you have no balance when you do so. Unfortunately Capital One as a whole is a real pain to deal with and I had enough of their nonsense.…read more

Im so confused on this credit card stuff? So lets say my limt was 300. I used 30 dollars from that 300 limit at the end of the month I just pay back the 30 dallors to make my balance zero again?? OR is there extra charges

Wait.... You gave 2 stars because you're confuse about how credit works?!!!!!!! You didn't even review the card. Don't give a review on a product that you're not actually reviewing. That hurts the company who probably did nothing wrong, and doesn't help those of us who are considering the card. Furthermore, if you're still confuse about credit, then you may need to spend time researching how it works first before you apply for anymore credit. I notice those who know less are the most irresponsible ones. So, learn as much as possible. At least, be able to know that going over 30% of your limit is a no, no. Paying late is a big no, no. Charging more than you can afford is a big no, no. Just charge what you can actually afford. If you don't need it then don't charge it to the card. Credit is similar to a loan except you have a line of credit on a card. Any amount you use on the card $1 and up has to be paid by your due date. Always pay before your due date to avoid paying late and interest. Or just avoid having any sort of issues with your creditor.…read more

Yes, if you pay your balance in full by the due date and do not carry any balance from one month to another, no interest or other charges will accrue. We actually have two great articles on this topic that should shed some light on the whole concept: http://wallethub.com/edu/paying-credit-card-bills/25558/ and http://wallethub.com/edu/how-credit-card-interest-works/25789/ . Please let us know if you have any other questions. Best of luck!

While trying to rebuild my credit, the Capital One Secured Mastercard helped me on my journey. A small deposit and I was back in the credit world. Having this card helped me rebuild my credit score and soon I was able to apply for another credit card. The interest is a little high but overall it seems to be a good card.

It is one of the best credit card in the market with no annual or monthly fees.Other major attraction is it help's in re-building credit score.I made a $49 security deposit & was given $300 credit to start off.Within six months my credit limit greatly improved.Its interest rate is quite high compared to other cards, at 24.9%, but if you pay your outstanding in full you won't have to worry about it.

There are some things for which you must have a credit card, and for those of us with bad credit, this card is a viable option for re-building some credit in a relatively painless fashion and securing a much-needed card for emergency purposes and situations where a card is required. Unlike my Amex Bluebird, which I also appreciate for being exactly what it needs to be--a prepaid card where I cannot possibly overspend my own pre-set limit--this card actually allows the potential for a credit limit greater than the deposit made, and periodically evaluates your spending limit based upon your payment history. Compared to other cards of its type, its interest rate is high, at 24.9%, but if you pay your balance in full you won't have to worry about it. There also aren't any monthly or annual fees, so it's a decent card for people with low credit scores who want to build them up over time and don't need a very high limit.…read more

I had a small amount of credit that i didn't do so well with when i was 18, 5 years late and this, the capital one secured card is the first credit card I've gotten. They increased my limit after 6 months, my payments post quickly. Its been a good experience i already see my credit score improving.

I applied for my capital one mastercard three years ago to improve my credit history. six months of on time payments my credit ratings greatly improved. This is a great card to have i really like this card. The interest rates are high, but it is worth it to rebuild your credit in six months with no annual fees, cash advances, 24 hours online access to my account. I can check my entire transaction history. There are no pin number to enter when shopping. I only used my pin for cash withdrawals. Online payment option also available.…read more

I think that, overall, the Capital One Secured MasterCard is a good choice for those with bad credit that are able to be approved. It is the only secured card I've heard of to (possibly) offer a credit limit higher than your deposit, and the only one to automatically review your history for potential limit increases. I, unfortunately, was not approved so I use First Progress. Good card but not as up to date with updating my credit or making much impact on it.…read more

This card is not so bad. It has helped me build my credit up to a point where i now feel comfortable applying for loans. I have needed a car loan for some time and recently was approved from the credit i built up on this card. I would recommend this to most friends and families with poor credit. It doesn't take long to do it and once you do you are more capable of buying necessities in todays society.…read more

I did a lot of reading online and research about credit cards. I messed up my credit a few years ago because of the defaulted credit cards and school loan. I thought there was no hope in rebuilding until I read a bunch of good reviews on this card. I got approved for the Capital One Secure Card during the end of February. I made a $49 security deposit & was given $300 credit to start off. Been using the card almost 6 months now responsibly and didn't want to wait to find out whether I will be eligible for a credit limit increase so I requested it online. I was approved for an additional $500 credit limit increase immediately!! I'm very happy because I have read that some people stated that they only gotten $100-200 increase, but I am sure it varies as everybody's credit and situations are different.

Payments online are quick if submitted before 8pm, it will go through the same day for me. As you are young and dumb, you don't realize how important a thing such as credit can be until you learn the hard way. In the future, I want to be able to finance a home, car, motorcycle, and other things without a co-signer. Many other creditors declined my applications because of my bad credit. How do you expect to build credit back up when nobody won't give you that chance, right?

A lot of people are complaining about this card not graduating. I wouldn't expect too much considering this card was mainly for rebuilding your credit. I'm sure the customer service reps have different answers to the same questions which is not very helpful either. I see on some sites that this card does not charge an annual fee, and others say it does. I am confused? Either they do or they don't, but most websites I see says it has no annual fee, I guess I will find out when my year hits with this card if I end up paying, but it's a very small price to pay to have a second chance on rebuilding your credit as I notice other secure credit cards charge a very high annual fee. Yes, APR is high, but as long as you make payments on time, no worries on that. To those who choose to want to graduate, but can't, you have an option to apply for better cards!

I love the credit tracker on the account. Although it's not the true score, it gives you an idea of how you're doing. I also use Credit Sesame & Credit Karma as references to check credit scores however those scores I have also read are not accurate as well, but still have something to go by. If you want to check your TRUE credit scores, unfortunately you have to PAY for them and they want to make you pay for the subscriptions monthly, when all you should do is use the trial membership [when they ask for your credit card/debit card info] and cancel before the trial is up. My score on the credit tracker started off 569 and now it is at 652. My score is slowly going back up and I have Capital One to thank for a second chance when nobody else would give it. I am going to continue usage until the year period then I will apply for a Capital One Rewards Signature card.…read more

Capitol one said that you can not apply for a credit increase on a secured card (card with security deposit). How did you get them to increase it? Capitol one said they review periodically the consumer can not request when a security deposit is made. Thanks!

This is a better secured credit card for people with bad credit than most of the others. It takes some time to achieve good credit with it, but it works. Just always make sure you pay your balance each month, otherwise the interest becomes ridiculous.There is a security deposit, but it can be pretty low compared to others. Its really nice because all you need to do is secure the card with a minimum of $200.00 and that becomes your "credit limit." You are eligible to get an increase later.…read more

My credit was really bad when i started with this card and now it is a perfect credit score after 2 years of using it. It does take a little bit of time but it works GREAT. I love it so much and it gives a really good credit limit as some other reviewers have noticed as well.

I think this is an excellent credit-card. It is for those with bad-credit. The interest rate is a little higher than if you had good credit, but overall, you can what you need from the card and it allows you to start building up your credit again. There are no monthly or annual fees, which make it easier to afford this card. There is a security deposit, but it is a low deposit that is required. This Capital One Secured Mastercard is good for those that have had a hard time getting any other credit card.…read more

Capital One is a great company to work with, and this card is another great product of theirs. The reserve amount or deposit you need to make is very reasonable given to the credit limit you get, and their customer service is very responsive.

I think this credit card sounds great for people who need to rebuild their credit, and these days that is a lot of people! It can also be used for young people to start building their credit. Some may consider it a bad thing that you can't spend what you don't have, but I think that's what got most people into these situations! My first card was with Capitol one, and I think this card would be ideal for a lot of people.…read more

Yes, I have used a second chance credit card. It took me almost a month to decide on which card would be best for me. I wanted to rebuild my credit so that I could be financed for a car. I knew that it would take some time so I wanted to get started as soon as possible with building up my credit. Over the past six months, my credit has improved, however I would like it to improve way more than where it is. Patience is all I need.…read more

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We work hard to show you up-to-date product terms, however, this information does not originate from us and thus, we do not guarantee its accuracy. When you click "Apply Now" you will be directed to the offering institution's website. In addition, keep in mind that actual rates and other information may vary for a number of reasons including the applicant's' creditworthiness and differences between an individual's situation and the criteria/assumptions used to generate the information displayed. Before submitting an application, always verify all terms and conditions with the offering institution. Please let us know if you notice any differences.

Ad Disclosure: Offers originating from paying advertisers are noted as “Sponsored” at the top of this page. Advertising may impact how and where offers appear on this site (including, for example, the order in which they appear). At WalletHub we try to present a wide array of offers, but our offers do not represent all financial services companies or products.

Irrespective of whether an offering institution is a paid advertiser, the presence of offer information on WalletHub does not constitute a referral or endorsement of the institution by us or vice versa. Furthermore, offers have not been reviewed or approved by the offering institution. Information is displayed first and foremost to help consumers make better decisions.

Editorial and user-generated content on this page is not provided, commissioned, reviewed, approved or otherwise endorsed by the issuer. In addition, it is not issuer’s responsibility to ensure all posts and/or questions are answered.